In an effort to pick up some ground on next-gen leader Nintendo, Microsoft will reduce the price of its Xbox 360 by $50 on Aug. 8, 2007, sources told THE HOLLYWOOD REPORTER. At this time it is unclear if the price cut will effect all three versions of the system. The core model currently sells for $299, while the pro model is $399 and the elite model is $479.
The Aug. 8 date seems to be timed with the release of Electronic Arts' MADDEN NFL 08 a few days later. Other blockbuster titles coming in August include Irrational Games' BIOSHOCK and Tiger Hill's JOHN WOO PRESENTS STRANGEHOLD.
Many in the industry believe the 360 price drop is in response to Sony's announcement a few months ago that it would drop the 60-gig PlayStation 3 by $100 to $499. However, Xbox should get a big boost in September with the release of the Microsoft exclusive HALO 3.